The Federal Reserve Bank of New York will launch a new webpage which contains its Early Benchmarked Employment Data for the Second District on Monday, June 24, at 10:00 a.m. EDT.
The primary data used to analyze local employment trends, the Current Employment Statistics (CES) series produced by Bureau of Labor and Statistics, are revised once per year, and revisions can sometimes be substantial and surprising. The Federal Reserve Bank of New York is now performing an early benchmark of initial monthly employment releases throughout the year, and making monthly releases of these data available to the public. Our early benchmarking estimates tend to more closely track revised data than initial releases, and can help policymakers and the public better track regional economic conditions on a timely basis.
In conjunction with the first monthly release of these data, the New York Fed will publish a blog post on Liberty Street Economics explaining the early benchmarking process, discussing its value, and looking at data for some of the geographies in its District.